IBM launches IBM World Wire, a New Blockchain Enabled Global Payment Network

IBM launches IBM World Wire, a New Blockchain Enabled Global Payment Network

IBM launched its real-time global payments network for regulated financial institutions, called IBM Blockchain World Wire.

The cross border payments network utilizes Stellar protocol to transfer money point-to-point simplifying the complexities of conventional correspondent banking, notes the announcement. For financial institutions, it brings improvements in operational efficiency and liquidity management, streamlines payment reconciliation and reduces overall transaction costs.

IBM World Wire is currently available in a limited production model.

Executive Opinion

General Manager, IBM Blockchain, Marie Wieck, said, "We've created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most. By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide."

First Senior Vice-President, Rizal Commercial Banking Corporation (RCBC), Manny T. Narcisco, said, "RCBC is pleased to be an early innovator with plans to issue our own Peso stable coin on World Wire, pending final approval from our regulators. We're focused on innovation that adds value for our customers, and World Wire presents a tremendous opportunity to transform and enhance our payment infrastructure."

The Payment Network

IBM has enabled payment locations in 72 countries, with 47 currencies and 44 banking endpoints with its Blockchain world wire service. The company is also actively working with additional financial institutions and expanding the ecosystem of settlement assets around the globe.

IBM said that its current approach reduces intermediaries and allows users to transfer monetary value in the form of digital assets. The payment network already supports settlement using Stellar Lumens and a U.S. dollar stable coin.

Global banks such as Banco Bradesco, Bank Busan, and Rizal Commercial Banking Corporation (RCBC) confirmed and signed letters of intent to issue their own stable coins on World Wire subject to regulatory approvals, notes the announcement. This will add Euro, Indonesian Rupiah, Philippine Peso, Korean Won and Brazilian Real stable coins to the payment network.


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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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